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Books of Prime Entry and Ledgers
Quick questions on The petty cash book explained: O-Level Principles of Accounts
6short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the imprest system?Show answer
The imprest system works on a fixed float (the imprest amount):
What are analysis columns?Show answer
The petty cash book has a total column for each payment, then several analysis columns that classify the payment by type (stationery, postage, travel, sundries). Each payment is entered once in the total column and once in the matching analysis column, so the analysis columns add across to the total.
What are posting the totals?Show answer
The sum of the analysis-column totals equals the total spent, which equals the reimbursement.
What is q1?Show answer
State what the imprest amount is and how it is restored. [2 marks]
What is q2?Show answer
A float of \150\ spent during the week. State the reimbursement and the closing float after it. [2 marks]
What is q3?Show answer
State how the analysis-column totals are posted to the ledger. [2 marks]
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